What is a trade secret?

A trade secret is any information that is not generally known, and is kept confidential in order to give its owner a competitive advantage. This could include formulas, patterns, programs, recipes, processes, techniques, or other intellectual property. Trade secrets must have an economic value that is kept secret, and must be the subject of reasonable efforts to maintain secrecy. In Virginia, trade secrets are protected by the Uniform Trade Secrets Act (UTSA), which protects the owner of the secret from unfair competition by prohibiting the misappropriation of trade secrets. This includes the use of stolen or maliciously acquired information, as well as the conduct of others who would benefit from the improper use of the secret. The UTSA also provides for damages for the misappropriation of trade secrets and for injunctive relief to prevent the further use of the secret. Additionally, the Uniform Trade Secrets Law in Virginia allows for the owner to recover lost profits and damages, as well as attorneys’ fees and costs. By protecting trade secrets, Virginia ensures that businesses are able to maintain their competitive advantages without fear of unfair competition.

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What is a trade secret?

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